Singapore-based private equity (PE) firm Affirma Capital is exploring an exit from Indonesian charter aviation operator Travira Air, with BNP Paribas advising on the potential transaction, according to people familiar with the matter.
The process is understood to be at mid-stages. The potential deal size, the stake being offered and the identity of prospective buyers could not be established.
Sources indicated that talks are on with a host of mid-sized PE players.
Affirma Capital declined to comment, while BNP Paribas and Travira Air did not respond to requests for comment.
Travira Air, established in 1983 in Jakarta, operates charter flights for industrial and specialist customers, including companies in the oil and gas and mining sectors. The company also offers aircraft management and maintenance services.
Affirma Capital invested in Travira Air in August 2015 and continues to classify the investment as unrealised on its portfolio website.
Travira’s latest financial information remains limited in the public domain.
Business intelligence provider EMIS reported that PT Travira Air’s net sales revenue increased 67.89% in 2025, while its total assets grew 71.66%.
People familiar with the matter indicated that Travira Air generates approximately $25 million in EBITDA. The figure, however, could not be independently verified.
Affirma Capital manages more than $4 billion in assets across Korea, India, Southeast Asia, China, Africa and the Middle East.
The firm was formed in 2019 through a management buyout of Standard Chartered’s PE business. Since then, Affirma raised $2.6 billion in capital, invested $1.7 billion and returned $3.3 billion to investors as of its 2026 annual general meeting.
Across its broader investment platform, the firm reported $6.3 billion in capital invested and $7.7 billion in capital distributed since 2002.
The firm’s recent activity includes its October 2026 exit from Indian travel technology company TBO Tek, which Affirma said generated $468 million in capital gains and a 12-fold return on invested capital in US dollar terms.
